United States-based Citi shared a new report for Turkish bank stocks and updated its recommendations via analyst Simon Nellis.

Factors such as rising interest rates, low returns on equity in the new balance sheet and an unknown amount of bad loans influenced the opinion in the prepared report. Citi analyst Simon Nellis said rising macro risks would challenge the outlook. Citi rated Akbank (AKBNK), Yapi Credi Bankasi (YKBNK) and Garanti BBVA (GARAN) in its report. Public banks were excluded from the assessment in the Citi report.

Citi revised and raised Turkish banks’ fourth-quarter profit forecasts and targets, but said the momentum is unlikely to continue in the future.

A target price of 33.80 TL was set for Akbank shares in a report prepared by Citi analyst Simon Nellis. The previous target price of AKBNK stock was 25.50 Turkish Liras. The analyst recommendation, which was previously “Buy”, was updated to “Neutral”.

Citi, which announced its target price for Yapı Credi Bankasi shares at 15 TL, changed its recommendation to “Sell” from “Neutral”. Citi’s previous target price for Yapi Credi Bankasi stock was 12.90 Turkish Liras.

While Garanti BBVA, one of Turkey’s largest private banks, announced a target price of 42.80 TL for shares, a recommendation of “sell” was made.

This had a negative impact on the start of the session

The report shared by Citi had a negative impact on the banking index in the early session. Guaranty BBVA shares started the day down -3.50%. Similarly, shares of Yapi Credi Bank had a negative debut and fell by 3 per cent. The stock least affected by the Citi report was AKBNK. Akbank shares started the day with -2 percent.

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